Barnes & Noble beats by $0.12, misses on revs
Reports Q1 (Jul) loss of $0.56 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of ($0.68); revenues fell 7.0% year/year to $1.24 bln vs the $1.28 bln consensus.
- Retail: The sales decrease was attributable to a comparable store sales decline of 5.1% for the quarter.
- Comparable College store sales decreased 2.0% for the quarter.
- FY15 Guidance: For fiscal year 2015, the Company continues to expect both Retail comparable bookstore sales and Retail Core comparable bookstore sales to decline in the low-single digits. College comparable store sales are also expected to decline in the low-single digits. The Company expects full fiscal year EBITDA losses in the NOOK segment to decline versus the prior year.
- Nook Media Separation Update: Co continues to make progress on the separation of its Barnes & Noble Retail and NOOK Media businesses. In an effort to optimize the structure of the separation, the Company has been exploring various options and is in discussions (i) with its NOOK Media partners to potentially restructure existing agreements; and (ii) with potential third party partners. Such discussions could affect the structure and timing of the separation.